Seapeak LLC is an international provider of marine transportation services focusing on liquefied natural gas and natural gas liquids. The company owns and operates a fleet of carriers that move these gases under long term charters. It also holds a thirty percent interest in a liquefied natural gas receiving and regasification terminal in Bahrain. Seapeak LLC seeks to serve energy and utility customers through stable contracts.

Seapeak LLC generates revenue by charging customers for the use of its vessels under time charter agreements. The majority of these agreements are fixed rate contracts with monthly hire payments in advance. The hire includes a capital cost component and an operating expense component that may adjust for inflation. In addition the company earns fees from operating and maintaining the Bahrain regasification terminal. Revenue is primarily derived from long term charters with major energy and utility firms.

The company operates through the following segments: liquefied natural gas segment and natural gas liquids segment.

• Liquefied natural gas segment: This segment owns and charters liquefied natural gas carriers that transport LNG between liquefaction facilities and import terminals. The fleet includes both wholly owned vessels and equity accounted vessels from joint ventures. Charters are typically long term time charters with major energy companies and the segment also manages a regasification terminal in Bahrain.

• Natural gas liquids segment: This segment owns and charters natural gas liquids carriers that transport propane butane ethane and other petrochemical gases. The fleet consists of wholly owned vessels and equity accounted vessels from the Exmar LPG joint venture. Charters are mainly time contracts with industrial users and energy companies.

Seapeak LLC holds a competitive position as a specialized operator of gas carriers with a focus on long term fixed rate contracts. The company faces competition from state controlled energy firms that run captive fleets and from independent shipowners. Its advantages include a diversified fleet of modern vessels a mix of owned and joint venture assets and a reputation for reliable service under multi year agreements.

Seapeak LLC serves a range of customers including major energy corporations such as China Petroleum & Chemical Corporation ENN LNG (Singapore) Pte. Ltd Shell Tankers (Singapore) Private Ltd and various international energy companies. In the liquefied natural gas segment key charterers include Bahrain LNG W. L. L. and several national oil companies. In the natural gas liquids segment the company works with Ineos Europe AG and other industrial users. These customers typically enter into multi year time charters for the transport of their gas commodities.